Orange County Housing Summary: March 5, 2024
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· The active listing inventory in the past couple of
weeks increased by 53 homes, up 3%, and now sits at 1,992. It is the
second-lowest mid-February reading since tracking began in 2004, only behind
2022. In February, 38% fewer homes came
on the market compared to the 3-year average before COVID (2017 to 2019), 1,178
less. 199 more sellers came on the market this February compared to 2023. Last
year, there were 2,218 homes on the market, 226 more homes, or 11% higher. The 3-year
average before COVID (2017 to 2019) was 5,119, or 157% extra, more than double.
· Demand, the number of pending sales over the prior
month, increased by 79 pending sales in the past two weeks, up 6%, and now
totals 1,476, the lowest end-of-February reading since tracking began. Last
year, there were 1,505 pending sales, 2%
more than today. The 3-year average before COVID (2017 to 2019) was 2,422,
or 64% more.
· With demand rising faster than the rise
in supply, the Expected Market Time, the number of days to sell all Orange County listings at
the current buying pace, decreased from 42 to 40 days in the past couple
of weeks. It was 44 days last year, similar to today. The 3-year average before
COVID (2017 to 2019) was 64 days, slower than today.
· For homes priced below $750,000, the Expected Market
Time increased from 33 to 35 days. This range represents 21% of the active
inventory and 25% of demand.
· For homes priced between $750,000 and $1 million, the Expected
Market Time decreased from 25 to 22 days. This range represents 12% of the
active inventory and 22% of demand.
· For homes priced between $1 million and $1.25 million,
the Expected Market Time decreased from 31 to 29 days. This range represents 10%
of the active inventory and 13% of demand.
· For homes priced between $1.25 million and $1.5
million, the Expected Market Time increased from 35 to 38 days. This range
represents 10% of the active inventory and 11% of demand.
· For homes priced between $1.5 million and $2 million,
the Expected Market Time decreased from 44 to 39 days. This range represents 12%
of the active inventory and 12% of demand.
· For homes priced between $2 million and $4 million,
the Expected Market Time in the past two weeks decreased from 63 to 58 days.
For homes priced between $4 million and $6 million, the Expected Market Time decreased
from 136 to 97 days. For homes priced above $6 million, the Expected Market
Time increased from 240 to 269 days. At 269 days, a seller would be looking at
placing their home into escrow around November 2024.
· The luxury end, all homes above $2 million, account
for 35% of the inventory and 17% of demand.
· Distressed homes, both short sales and foreclosures
combined, comprised only 0.3% of all listings and 0.3% of demand. Only three
foreclosures and two short sales are available today in Orange County, with
five total distressed homes on the active market, down two from two weeks ago.
Last year, eight distressed homes were on the market, similar to today.
· There were 1,182 closed residential resales in January,
up 4% compared to January 2023’s 1,137. December marked a 10% drop compared to December
2023. The sales-to-list price ratio was 98.5% for all of Orange County. Foreclosures
accounted for 0.1% of all closed sales, and short sales accounted for 0.1%. That
means that 99.8% of all sales were good ol’
fashioned sellers with equity.
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